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Hello,
My husband and I own an LLC together and are not in a community property state so we need to file as a partnership. Do we combine the K-1's on our personal return? Turbotax asks if the K-1 entered is for one of us or both?
Also, where would we enter the business use of the home (we are using the simplified method $5/sq. foot) and business mileage (using standard mileage deduction)? Are they entered on the partnership return or the personal return?
Thanks,
Laurie
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Enter each K-1 separately. One for each of you.
When you complete the 1065 (which is due 3/15) it will produce a K-1 form for EACH of you so you will enter each of the individually. A joint K-1 is issed by an investment usually in a joint broker's account.
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